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Arista Networks（ANET）与CMS Energy（CMS）财务数据对比。点击上方公司名可切换其他公司
Arista Networks的季度营收约是CMS Energy的1.2倍（$2.5B vs $2.1B），Arista Networks净利率更高（38.4% vs 13.5%，领先24.9%），Arista Networks同比增速更快（28.9% vs 13.0%），过去两年Arista Networks的营收复合增速更高（25.8% vs -0.2%）
Arista Networks是总部位于美国加利福尼亚州圣克拉拉的计算机网络企业，专注于设计销售多层网络交换机，为大型数据中心、云计算、高性能计算、高频交易等场景提供软件定义网络（SDN）解决方案，旗下拥有10G至800G系列低延迟直通以太网交换机，搭载自研基于Linux的可扩展操作系统EOS。
CMS Energy是总部位于美国密歇根州杰克逊市的能源企业，业务核心聚焦密歇根州公用事业运营。旗下核心主体Consumers Energy成立于1886年，为全州超600万居民提供电力及天然气服务，非公用事业板块则主要开展美国本土独立发电业务。
ANET vs CMS — 直观对比
营收规模更大
ANET
是对方的1.2倍
$2.1B
营收增速更快
ANET
高出15.9%
13.0%
净利率更高
ANET
高出24.9%
13.5%
两年增速更快
ANET
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.1B |
| 净利润 | $955.8M | $289.0M |
| 毛利率 | 62.9% | — |
| 营业利润率 | 41.5% | 20.4% |
| 净利率 | 38.4% | 13.5% |
| 营收同比 | 28.9% | 13.0% |
| 净利润同比 | 19.3% | 9.1% |
| 每股收益（稀释后） | $0.74 | $0.94 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ANETCMS
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $2.3B | $2.0B | ||
| Q2 25 | $2.2B | $1.8B | ||
| Q1 25 | $2.0B | $2.4B | ||
| Q4 24 | $1.9B | $1.9B | ||
| Q3 24 | $1.8B | $1.7B | ||
| Q2 24 | $1.7B | $1.6B | ||
| Q1 24 | $1.6B | $2.1B |
净利润ANETCMS
| Q4 25 | $955.8M | $289.0M | ||
| Q3 25 | $853.0M | $277.0M | ||
| Q2 25 | $888.8M | $201.0M | ||
| Q1 25 | $813.8M | $304.0M | ||
| Q4 24 | $801.0M | $265.0M | ||
| Q3 24 | $747.9M | $253.0M | ||
| Q2 24 | $665.4M | $198.0M | ||
| Q1 24 | $637.7M | $287.0M |
毛利率ANETCMS
| Q4 25 | 62.9% | — | ||
| Q3 25 | 64.6% | — | ||
| Q2 25 | 65.2% | — | ||
| Q1 25 | 63.7% | — | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | 64.2% | — | ||
| Q2 24 | 64.9% | — | ||
| Q1 24 | 63.7% | — |
营业利润率ANETCMS
| Q4 25 | 41.5% | 20.4% | ||
| Q3 25 | 42.4% | 24.4% | ||
| Q2 25 | 44.7% | 17.6% | ||
| Q1 25 | 42.8% | 20.6% | ||
| Q4 24 | 41.4% | 22.5% | ||
| Q3 24 | 43.4% | 21.4% | ||
| Q2 24 | 41.4% | 18.0% | ||
| Q1 24 | 42.0% | 19.2% |
净利率ANETCMS
| Q4 25 | 38.4% | 13.5% | ||
| Q3 25 | 37.0% | 14.0% | ||
| Q2 25 | 40.3% | 11.2% | ||
| Q1 25 | 40.6% | 12.7% | ||
| Q4 24 | 41.5% | 14.0% | ||
| Q3 24 | 41.3% | 14.8% | ||
| Q2 24 | 39.4% | 12.6% | ||
| Q1 24 | 40.6% | 13.4% |
每股收益（稀释后）ANETCMS
| Q4 25 | $0.74 | $0.94 | ||
| Q3 25 | $0.67 | $0.92 | ||
| Q2 25 | $0.70 | $0.66 | ||
| Q1 25 | $0.64 | $1.01 | ||
| Q4 24 | $-4.17 | $0.88 | ||
| Q3 24 | $2.33 | $0.84 | ||
| Q2 24 | $2.08 | $0.65 | ||
| Q1 24 | $1.99 | $0.96 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.0B | $509.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $12.4B | $9.1B |
| 总资产 | $19.4B | $39.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ANETCMS
| Q4 25 | $2.0B | $509.0M | ||
| Q3 25 | $2.3B | $362.0M | ||
| Q2 25 | $2.2B | $844.0M | ||
| Q1 25 | $1.8B | $465.0M | ||
| Q4 24 | $2.8B | $103.0M | ||
| Q3 24 | $3.2B | $412.0M | ||
| Q2 24 | $2.4B | $699.0M | ||
| Q1 24 | $2.1B | $802.0M |
股东权益ANETCMS
| Q4 25 | $12.4B | $9.1B | ||
| Q3 25 | $11.9B | $8.9B | ||
| Q2 25 | $10.9B | $8.4B | ||
| Q1 25 | $10.1B | $8.3B | ||
| Q4 24 | $10.0B | $8.2B | ||
| Q3 24 | $9.2B | $8.1B | ||
| Q2 24 | $8.4B | $8.0B | ||
| Q1 24 | $7.9B | $7.9B |
总资产ANETCMS
| Q4 25 | $19.4B | $39.9B | ||
| Q3 25 | $18.0B | $38.0B | ||
| Q2 25 | $16.5B | $37.7B | ||
| Q1 25 | $14.5B | $36.3B | ||
| Q4 24 | $14.0B | $35.9B | ||
| Q3 24 | $12.8B | $34.8B | ||
| Q2 24 | $11.6B | $34.4B | ||
| Q1 24 | $10.6B | $33.9B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.3B | $478.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.32× | 1.65× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ANETCMS
| Q4 25 | $1.3B | $478.0M | ||
| Q3 25 | $1.3B | $343.0M | ||
| Q2 25 | $1.2B | $414.0M | ||
| Q1 25 | $641.7M | $1.0B | ||
| Q4 24 | $1.0B | $403.0M | ||
| Q3 24 | $1.2B | $304.0M | ||
| Q2 24 | $989.0M | $707.0M | ||
| Q1 24 | $513.8M | $956.0M |
自由现金流ANETCMS
| Q4 25 | — | — | ||
| Q3 25 | $1.2B | $-635.0M | ||
| Q2 25 | $1.2B | $-470.0M | ||
| Q1 25 | $613.3M | $112.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | $-502.0M | ||
| Q2 24 | $985.9M | $26.0M | ||
| Q1 24 | $504.4M | $343.0M |
自由现金流率ANETCMS
| Q4 25 | — | — | ||
| Q3 25 | 53.6% | -32.2% | ||
| Q2 25 | 53.3% | -26.1% | ||
| Q1 25 | 30.6% | 4.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 64.5% | -29.3% | ||
| Q2 24 | 58.3% | 1.6% | ||
| Q1 24 | 32.1% | 16.0% |
资本支出强度ANETCMS
| Q4 25 | — | — | ||
| Q3 25 | 1.3% | 49.5% | ||
| Q2 25 | 1.1% | 49.2% | ||
| Q1 25 | 1.4% | 37.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.4% | 47.1% | ||
| Q2 24 | 0.2% | 43.2% | ||
| Q1 24 | 0.6% | 28.6% |
现金转化率ANETCMS
| Q4 25 | 1.32× | 1.65× | ||
| Q3 25 | 1.49× | 1.24× | ||
| Q2 25 | 1.35× | 2.06× | ||
| Q1 25 | 0.79× | 3.29× | ||
| Q4 24 | 1.29× | 1.52× | ||
| Q3 24 | 1.57× | 1.20× | ||
| Q2 24 | 1.49× | 3.57× | ||
| Q1 24 | 0.81× | 3.33× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
